HyperionDev, one of the leading tech education solution providers in Southern Africa, raises one of Africa's largest EdTech Series A, raising over R50 million ($3.5M) in a span of 12 weeks only.
It was a combination of private and public funding. With the raised amount, HyperionDev plans to expand in the UK, the US and globally, using its Facebook and Google-supported coding of specialist boot camps; also enable over $250K in full scholarships for deserving students.
This round of funding attracted more than 1,500 investors from more than 20 countries, making it one of the largest ever EdTech Series A fundraise in the entire continent. HyperionDev's public investment crowdfund on participatory investment platform CrowdCube was a great success: from its original aim of raising R15 million ($1M) within 31 days. The company was swarming with the public interest, exceeding its set goal in just five days. In 14 days, HyperionDev’s campaign raised R37,250,000 ($2.6M).
Additionally, the campaign comprised investor scholarships and investor awards to the value of R13, 850,000 ($900K), with new stakeholders donating free boot camps and discounted courses to students in need.
Riaz Moola, Founder and CEO of HyperionDev, said:
"Thousands of students in the world will directly benefit from this incredible milestone; those looking for an easy to access and affordable way to learn and become job-ready. They can learn practical developer skills in few months. In the past 12 weeks, HyperionDev has welcomed more than 1,500 new stakeholders. We believe that our coding boot camps are the best at closing the growing global technology skills gap, and with this overwhelming support, we are one step closer to fulfilling our mission in the US and UK markets."
He further added, "To date, this has been our greatest campaign. The reaped rewards will enable us to give back approximately R3.5 million ($ 250K) in full encoding Bootcamp scholarships for students who need it. And, what is especially remarkable is the generosity of our investors and their belief in our vision of providing accessible education. These investors were promised a free or substantially reduced boot camp reward with their investment; many chose to give their boot camp reward to the students. It's incredible to see so many people coming together for this social impact investment and making a real difference in the lives of young South Africans."
According to Statistics SA, around 51% of youth in the age group 18–24 alleged that they did not have enough financial means to pay for their tuition depicting many South African youth are unable to afford a university education. In South Africa alone, the tertiary education fees has risen by up to 25%, and an undergraduate degree costs R30 000 to R70 000 ($2000-$5000) per year. This increasing inaccessibility and high cost of university is a graving concern and bodes well for the EdTech sector and HyperionDev's plan.
In his concluding statement, Riaz said:
"I firmly believe that accessible technological education is the future of social upliftment and mobility for thousands of people around the world. South Africa has many people who lack the skills or opportunities to find decent, well-paying jobs.
At HyperionDev, we focus on close mentoring and help develop practical, job-ready skills to get the learners ready for the real developer work in few months rather than spending years. This proves that people are hungry for a "world-class" education that could help them make a career without sacrificing years of study or spending a hefty amount to do so. We are pleased that this initiative has raised the bar for Africa's digital future, moving us a little closer to the goal of closing the global technology skills gap for good."
Launched in 2012, HyperionDev benefited from nine rounds of financing and raised a total of $2.5M. The last funding took place on February 19, 2021.